Crown prince: $6 trillion of investment opportunities available in Saudi Arabia over next decade

Crown prince: $6 trillion of investment opportunities available in Saudi Arabia over next decade
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Crown Prince Mohammed bin Salman was speaking at a strategic dialogue virtual event held by the World Economic Forum. (SPA)
Crown prince: $6 trillion of investment opportunities available in Saudi Arabia over next decade
2 / 2
Crown Prince Mohammed bin Salman was speaking at a strategic dialogue virtual event held by the World Economic Forum. (SPA)
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Updated 14 January 2021

Crown prince: $6 trillion of investment opportunities available in Saudi Arabia over next decade

Crown prince: $6 trillion of investment opportunities available in Saudi Arabia over next decade
  • The crown prince said $3 trillion of those investments would be in new projects as part of opportunities offered by the Vision 2030

RIYADH: Investment opportunities in Saudi Arabia amount to $6 trillion over the next 10 years, Crown Prince Mohammed bin Salman said on Wednesday.
Speaking at a strategic dialogue virtual event held by the World Economic Forum, the crown prince said $3 trillion of those investments would be in new projects as part of opportunities offered by the Vision 2030 reform program.
He said 85 percent of this huge economic program would be funded by the Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) and the Saudi private sector.
The remainder would be through stimulating foreign capital from both Gulf nations and countries around the world.


IMF: Iraq has requested emergency assistance

IMF: Iraq has requested emergency assistance
Updated 58 min 13 sec ago

IMF: Iraq has requested emergency assistance

IMF: Iraq has requested emergency assistance
  • The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports

Iraq has requested emergency assistance from the International Monetary Fund and talks are ongoing between the parties, the IMF said late on Sunday.
Iraqi Finance Minister Ali Allawi told Bloomberg News earlier that Iraq was in talks with the IMF for a $6 billion loan package.
“The Iraqi authorities have requested emergency assistance from the IMF under the Rapid Financing Instrument, and indicated their intention to also request a longer-term arrangement with the Fund in support of planned economic reforms,” an IMF representative said in an emailed statement.
“Discussions of the authorities’ request for emergency assistance are ongoing.”
The IMF’s Rapid Financing Instrument provides quick financial assistance, which is available to all member countries facing an urgent balance-of-payments need.
Financial assistance under the RFI is provided without the need for a full-fledged program or review, according to the IMF website https://bit.ly/3c6YubX.
Iraq may ask for an additional $4 billion in low-cost loans through another program linked to government reforms, Allawi said on Sunday.
Iraq devalued the dinar last month after a collapse in global oil prices, a major source of Iraq’s financial resources.
Allawi told Bloomberg that Iraq also planned other types of funding to help plug the budget gap. Once the spending plan was approved, the government would move to issue $5 billion in domestic bonds to expand its financial base.
The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports.